Business Law Final Exam Questions With Accurate Answers

Business Law Final Exam Questions With Accurate Answers
Except as provided by statute, an oral contract is just as valid and enforceable as a written one - correct
answer -true

Contracts of a type or class governed by the Statute of Frauds are said to be "within" the statute -
correct answer -true

The Statute of Frauds is rendered inapplicable when the "main purpose doctrine" is available - correct
answer -true

If an executor promises to pay the decedent's debt out of the executor's own pocket, it is unenforceable
unless in writing and signed - correct answer -true

Only the "party to be charged" must have signed the written contract or memo in order to make it
legally binding - correct answer -true

If they are to be enforced, all oral contracts must be in writing according to the Statute of Frauds -
correct answer -false

Courts do not regard promises made to a debtor as being within the Statute of Frauds - correct answer -
false

Mutual promises to marry do not have to be in writing - correct answer -true

An oral contract to care for a handicapped person while that person attends college for the next four
years is not enforceable - correct answer -false

The sale of goods for any amount must be in writing to be enforced - correct answer -false

Parol evidence is not admissible when the contract between the parties is partly oral and partly written -
correct answer -true

The theory of the parol evidence rule is the parties to a written contract will expressly state all terms in
their contract - correct answer -true

Parol evidence may be used to prove a contract void or voidable due to lack of capacity of one of the
parties - correct answer -true

Parol evidence consists of oral evidence only - correct answer -false

The law requires that, to be contractual, every agreement must be in writing and signed by the parties -
correct answer -false

Oral testimony may be used to prove a contract is voidable due to fraud or duress - correct answer -true

It is the function of the courts to interpret written documents and contracts - correct answer -true

, Each term or provision of a contract is interpreted and construed separately - correct answer -false

Courts give preference to the action of the parties in performing ???? contracts over the clear express
terms of the contract - correct answer -true

conduct of the parties which differs from the express terms of the contract may result in a waiver of
such terms - correct answer -true

A ????? in action is the intangible right which the owner of a debt ??? to bring on action at law against
the obligor - correct answer -true

First relief for assigned chooses in action was found in courts of law - correct answer -true

To be valid, an assignment must be in writing - correct answer -false

Just as rights are assignable, so are duties - correct answer -false

Rights and duties of a highly personal nature cannot be assigned nor delegated - correct answer -false

An assignment of future rights is never enforceable - correct answer -false

Assignments of future wages are governed by statutes which sometime prohibit them - correct answer -
true

The assignee of a contract claim has rights superior to those of the assignor - correct answer -false

An assignee will lose the rights against the debtor if the latter pays the assignor without notice of the
assignment - correct answer -true

Generally, an obligor may never be discharged of the duties under a contract without the consent of the
obligee - correct answer -true

Discharge of a contract refers to the termination of the duties created upon the formation of the
contract - correct answer -true

A condition is an operative event that may limit the obligation to perform a contract - correct answer -
true

There is no difference between the breach of a promise and the failure, or non-happening, of a
condition: they are the same. - correct answer -false

"Provided that" is a phrase connotating an implied condition often found in a contract - correct answer -
false

The standard of satisfaction in matters involving personal taste is that of the reasonable man - correct
answer -false